Get Started Doing Good
How involved are you and your business in your community? How much time and money do you give back to local charities and outreach programs? If it is not as much as you feel you would like to or should contribute, consider this: donating time, money, or services to community organizations and charitable causes does more than instill a warm and fuzzy feeling. It improves employee engagement and morale, helps attract top talent, and enhances revenue growth. Simply put, doing good is good for your business.
Engagement – Employee engagement is a measure of the collective commitment felt by employees of a firm. Engaged employees feel emotionally connected to their employer, creating a sense of pride and loyalty towards their organization. This connection ultimately improves retention rates and on-the-job performance. Charitable giving drives your business’ bottom line by improving engagement through a shared sense of purpose and mission.
Morale – A study by UnitedHealth Group revealed that 76% of people who volunteer said that decision made them feel healthier and 94% said volunteering improves their mood. Healthy and happy employees are the foundation of a positive and productive workplace.
Talent – A company can create a positive reputation among job-seekers and potential employees through charitable activities and contributions. This allows for an advantage when recruiting. Philanthropic endeavors also attract a younger generation of applicants—particularly Millennials—as they tend to see their philanthropic, personal, and professional lives as being heavily integrated.
Revenue – The Strategic Management Journal published a study that examined the impact of philanthropy on sales and growth, finding that a positive correlation exists between charitable contributions and revenue growth. This positive correlation makes sense, especially when a business approaches charitable involvement strategically, by looking to forge partnerships with non-profits and other community organizations. This strategic approach is advantageous to the business, employees, and community at large, and producing a positive outcome that maximizes the value created, both socially and economically. Overall, generating a win-win-win.
Local Impact – Community involvement is a critical component in differentiation. According to The Competitive Advantage of Corporate Philanthropy by Michael Porter and Mark Kramer, charitable efforts are most effective when used to improve competitive context – the quality of the business environment where the business operates. Using philanthropy to enhance the local community brings social and economic goals into alignment and improves long-term business prospects.
In this era of social media, charitable companies earn a reputation of being “good” companies, consumers want to buy from “good companies”, and employees want to work for “good” companies. Giving back helps build stronger relationships with existing customers and provides opportunities to acquire new ones. It helps attract and retain the best talent and improves office morale. A strategic philanthropic program is a valuable and positive investment for any company. Start giving more to get more.
Looking for inspiration? Check out our philanthropy page! We provide up to five paid days off each year for each of our teammates to contribute their time and talent to philanthropic endeavors which are important to them.